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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
 After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. Over the last week, prevailing buying interest in the wet sector continued to grow with the spotlight being on modern MRs and vintage VLCCs. A total of 8 deals were reported in the MR segment, the vast majority of which were built in South Korea and were less than 5 years old up to Resales, while a couple of them were built in Japanese yards aging around 10 and 20 years, respectively. In the VLCC segment more than a handful of S&P transactions were recorded with most of them being built in South Korean yards and more than half fitted with scrubbers while the whole S&P realm consisted of vessels aged above15 years.
In the NB market, with regards to the VLCC segment, during Q12021, around 25 orders were placed whilst all of them were in Korean shipyards, the highest figure since Q2-2015 when circa 30 vessels were ordered, but VLCC earnings were hovering above $40k/day vs the current negative BDTI TCE for VLCCs. The closest Q1 contracting levels were seen during the first quarters of 2014, 2015 & 2019 when around 15-20 orders were placed. Compared to Q12020, the figure is around 4 times higher while it represents around 60.0% of the total annual placed orders during 2020. For reference the VLCC current orderbook accounts of approx. 96 vessels.
VLCC orders placed during 2021 up to date, were contracted for account of Greek, Korean, Malaysian and US based buyers, with Greeks holding a proportion slightly less than half of the total. Out of the 8 different parties that put these orders, 3 of them having recently sold their vintage tonnage are aiming for a fleet renewal while a couple of them are aiming at expanding their fleet. What is more, the rest 3 parties with an orderbook corresponding to around 9 vessels are newcomers into this segment. Although owners of such tonnage are struggling to confront the current low rates, their choice either in expanding/renewing their fleet or even entering this segment, is in fact a vote of confidence to the crude oil market and proves their high expectations.
As for the other crude oil segments, new contracts have been relatively subdued compared to VLCCs and have come below the past 5 year average during Q1s. Regarding the MR segment, around 18 units were contracted, being the highest Q1 contracting figure since Q12014, when approx. the same number of orders was placed.
Overall, as owners maintain a positive sentiment regarding the wet market and combined with an aging fleet, this tendency has led to an increased number of n/b orders by historical standards vs where the actual market stands, especially in the VLCC segment. However, tankers supply dynamics still look favorable over the next two years, as total orderbook as a % of the fleet continues to start at multiyear lows, with VLCCs orders below 10% of the fleet in dwt terms and below 9.0% for the rest of the crude segments.
By Mohamed Rabie,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
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